- This topic has 1 reply, 2 voices, and was last updated 7 years ago by
.
- Posts
when am given expenses/Assets/liabilities in a form of receipts. whats the first step to creating profit. & loss/balancesheet? from my knowledge i start with:
1) prepare trial balance
2) then i start making the profit & loss/ balance sheet accounts.
the trouble is knowing where to post certain expenses(operating/investing…financing activities) am i missing a step some where?I am sorry but I really do not know what you mean.
If there are receipts of money then they are not expenses – it is income.I have told you many, many times that you must watch my free lectures, but you obviously are not doing (otherwise you would not be referring to ‘profit and loss account’ and ‘balance sheet’ – these terms disappeared many years ago and will not be used in the exam).
- The topic ‘Accounts.’ is closed to new replies.